Source: Inside Fashionably Marketing website, Dec 2012
(see source article for related readings)
So why are brands so keen on open APIs these days?
Think of an API as an innovation tool. APIs also provide the ability to scale with minimal investment by simply providing data that your third part developers can use to develop their own software and applications. These softwares and applications could ultimately lead to the development of new technologies or more commercial (profitable) uses of something the company already has.